abFor each of the above separate cases, analyze each adjusting entry by showing its effects on the accounting equation-specifically.identify the accounts and amounts (including (+) increase or (-) decrease) for each transaction or event.Cda. Wages of $9,000 are earned by workers but not paid as of December 31.b. Depreciation on the company's equipment for the year is $11,320.c. The Supplies account had a $360 debit balance at the beginning of the year. During the year, $6,416 of supplies arepurchased. A physical count of supplies at December 31 shows $692 of supplies available..1d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policiesshows that $2,300 of unexpired insurance benefits remain at December 31.e. The company has earned (but not recorded) $950 of interest revenue for the year ended December 31. The interestpayment will be received 10 days after the year-end on January 10.f. The company has a bank loan and has incurred (but not recorded) interest expense of $3,500 for the year endedDecember 31. The company will pay the interest five days after the year-end on January 5.AssetsPrevw8NextLiabilitiesCheck

The accounting equation which is also defined as the balance sheet equation represents the…

a. Wages of $9,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $11,320. c. The Supplies account had a $360 debit balance at the beginning of the year. During the year, $6,416 of supplies are purchased. A physical count of supplies at December 31 shows $692 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $2,300 of unexpired insurance benefits remain at December 31. e. The company has earned (but not recorded) $950 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. f. The company has a bank loan and has incurred (but not recorded) interest expense of $3,500 for the year ended December 31. The company will pay the interest five days after the year-end on January 5. For each of the above separate cases, analyze each adjusting entry by showing its effects on the accounting equation-specifically. identify the accounts and amounts (including (+) increase or (-) decrease) for each transaction or event.

a. Wages of $9,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $11,320. c. The Supplies account had a $360 debit balance at the beginning of the year. During the year, $6,416 of supplies are purchased. A physical count of supplies at December 31 shows $692 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $2,300 of unexpired insurance benefits remain at December 31. e. The company has earned (but not recorded) $950 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. f. The company has a bank loan and has incurred (but not recorded) interest expense of $3,500 for the year ended December 31. The company will pay the interest five days after the year-end on January 5. For each of the above separate cases, analyze each adjusting entry by showing its effects on the accounting equation-specifically. identify the accounts and amounts (including (+) increase or (-) decrease) for each transaction or event.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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